AUSTRALIA REPORTS LOBSTER BREAKTHROUGH: Prime Minister Albanese expects Australian lobster exports to China will resume by the end of 2024. It follows a meeting with Chinese Premier Li Qiang in Lao. China banned Australian lobster imports in 2020 as part of a trade feud that also involved barley and wine.
CHINA HITS EU WITH BRANDY ATTACK: Within days of the EU voting to proceed with anti-subsidy duties of up to 35% on China-sourced electric vehicles, China announced it would impose security deposits of up to 39% on imports of EU-sourced brandy. It is also considering duty hikes on larger engined EU cars.
US SUPPORTS EU DUTIES: US Trade Representative Tai welcomed the EU’s decision to impose anti-subsidy duties on China-sourced electric vehicles. She described it as an important first step toward defending European industry. It also demonstrated the need to confront China’s non-market policies.
MAJOR US AIRLINE BREACHES AUSTRALIAN BIOSECURITY: United Airlines has entered an enforceable undertaking with Australia following it twice breaching biosecurity rules by failing to declare dog arrivals in Brisbane and Sydney. The airline will be required to revise its internal processes, systems and training.
INDIA MOURNS PASSING OF LEADING INDUSTRIALIST: India is mourning the passing this week of industrialist Ratan Tata, a former chairman of the global conglomerate. He was 86. Prime Minister Modi described Tata as a visionary business leader, compassionate soul and extraordinary human being.
AUSTRALIAN LEADERS PURSUE ASEAN SUPPLY CHAINS: Australian business leaders, led by ASEAN Special Envoy Nicholas Moore, visited Thailand this week where they focused on supply chains and manufacturing investment. They also attended an ASEAN Business & Investment Summit in Vientiane.
INDIA TO OPEN TRADE CAMPUS IN DUBAI: The Indian Institute of Foreign Trade is to open a campus in Dubai. It will be its first overseas campus. An autonomous body under the Ministry of Commerce, the institute has deemed university status and is one of the premier business institutions in India. FIJIAN
TRADE MINISTER VISITS AUSTRALIA: Fijian Trade Minister Kamikamica was in Australia this week where he met with Trade Minister Farrell and Assistant Trade Minister Ayres in Canberra. The visit follows the Fijian Minister’s recent discussions with Farrell and New Zealand Trade Minister McClay in Rotorua.
WTO LAUNCHES SELECTION PROCESS: The WTO has formally begun its process for appointing its next director-general. Nominations will close on November 8 followed by a three-month window for nominees to engage with members. The present director-general Ngozi Okonjo-Iweala is seeking a second term.
PHILIPPINES LOOKS TO UAE TRADE AGREEMENT: The Philippines expects to conclude a free trade agreement with the United Arab Emirates by the end of 2024. Negotiations were first proposed in 2021. A year-end agreement would coincide with the 50th Anniversary of bilateral relations.